Simon Jennings has joined the rapidly expanding Hermes Private Equity team as a member of the fund investment division.
Jennings will join a team of four, which invests in private equity funds and is headed by Gillian Brown. Swiss and UK private equity fund-of-fund groups previously employed him as an external consultant advising on investment and strategic issues. Before that he spent 14 years at UBS in various roles at UBS Capital and Phildrew Ventures as well as in leveraged finance.
CEO Rod Selkirk said the appointment brings to an end Hermes’ private equity appointments for the foreseeable future. Most of these appointments have been to the firm’s new six-strong direct investment team.
Selkirk said the team is currently working on a ‘conventional’ MBO, which is scheduled to complete by the end of the month as well as two other deals that may complete by Christmas. He added that the firm was particularly keen on secondary buyouts and also co-investing in continental Europe alongside GPs with whom Hermes has an existing relationship.
Hermes Private Equity, the private equity arm of Hermes Pensions Management, has nearly £1bn committed to the asset class as an active investor in external private equity partnerships. The direct investment arm recently held a first close of £200m for its first fund, HPEP I.